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Mare Nostrum SA (FR) (ALMAR) AI Stock Analysis

FR:ALMAR

Mare Nostrum SA (FR)

(Paris:ALMAR)

Select Model
Rating:49Neutral
Price Target:EUR 0.50â–¼(-6.04% Downside)
Action:reiterated
Date:10/02/26

The overall score is driven primarily by a fragile but improving financial profile and a clearly weak technical trend, with only moderate support from an extremely low P/E that may reflect doubts about the durability of the turnaround; the stock remains a high-risk, turnaround situation rather than a robust investment.

Positive Factors
Positive Operating Cash FlowSustained positive operating cash flow indicates that the staffing and HR outsourcing model has generated cash from operations across several years. This provides a foundation for liquidity and ongoing activity, although the company still needs to improve the consistency of cash conversion.
Negative Factors
Negative Core Operating MarginsNegative EBIT and EBITDA margins show that the core business is not currently covering its operating costs through reported revenue. This weakens earnings quality and limits the benefit of any revenue recovery unless pricing, staffing economics, or cost efficiency improve sustainably.

Mare Nostrum SA (FR) (ALMAR) vs. iShares MSCI France ETF (EWQ)

-50%-25%0%25%50%75%100%FR:ALMAR+20.45%EWQ-0.37%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
EUR 3.70M
Dividend Yield
―
Average Volume (3M)
4,205
Price to Earnings (P/E)
0.2
Beta (1Y)
-0.03
Revenue Growth
-13.12%
EPS Growth
―
Country
France
Employees
207
Sector
Industrials
Sector Strength
63
Industry
Staffing & Employment Services

Mare Nostrum SA (FR) Business Overview & Revenue Model

Company Description

Mare Nostrum SA provides human resources management services worldwide. It offers temporary work, recruitment, and training services, as well as wage portage and professional mobility services. Mare Nostrum SA was incorporated in 2004 and is headquar...

How the Company Makes Money

Mare Nostrum SA primarily makes money by charging client companies for outsourced workforce and HR services. This typically includes (i) billing for personnel made available to clients (often structured as an hourly/daily rate or a service fee that i...

Mare Nostrum SA (FR) Financial Statement Overview

Summary

Score reflects a recent turnaround to strong profit and healthier cash generation, offset by multi-year revenue decline, volatile margins, and a still-thin equity base with meaningful leverage.

Income Statement

48Neutral

Balance Sheet

32Negative

Cash Flow

61Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Jun 2024Dec 2022Dec 2021
Income Statement
Total Revenue109.70M109.70M120.52M169.58M172.22M155.59M
Gross Profit-1.87M1.00M44.46M35.49M66.74M36.69M
EBITDA-16.27M-281.00K-8.68M-2.95M893.00K2.39M
Net Income23.40M23.40M-9.95M-11.72M-2.12M-536.00K
Balance Sheet
Total Assets48.22M48.22M64.27M74.89M85.12M80.53M
Cash, Cash Equivalents and Short-Term Investments8.13M8.13M8.00M7.29M12.04M14.43M
Total Debt5.71M5.71M21.16M21.05M30.03M28.25M
Total Liabilities47.59M47.59M77.07M77.34M75.30M68.40M
Stockholders Equity769.00K769.00K-13.40M-3.48M8.10M10.48M
Cash Flow
Free Cash Flow4.94M4.94M6.35M5.04M-1.78M191.00K
Operating Cash Flow5.25M5.25M6.52M5.88M-14.00K1.98M
Investing Cash Flow-3.97M-3.97M-6.52M-1.98M-2.83M-2.43M
Financing Cash Flow-118.00K-118.00K422.00K-1.10M-4.53M-289.00K

Mare Nostrum SA (FR) Technical Analysis

Technical Analysis SentimentNeutral
Last Price0.53

Price Trends

50DMA0.55Negative
100DMA0.56Negative
200DMA0.58Negative

Market Momentum

MACD-0.00Negative
RSI49.16Neutral
STOCH65.48Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALMAR, the sentiment is Neutral. The current price of 0.53 is above the 20-day moving average (MA) of 0.53, below the 50-day MA of 0.55, and below the 200-day MA of 0.58, indicating a neutral trend. The MACD of -0.00 indicates Negative momentum. The RSI at 49.16 is Neutral, neither overbought nor oversold. The STOCH value of 65.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:ALMAR.

Mare Nostrum SA (FR) Peers Comparison

Overall Rating

UnderperformOutperform
Sector (63)

Financial Indicators

FR:ALMAR against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
Sector *63Neutral$10.79B15.437.44%2.01%2.89%-14.66%
FR:ALGROFR:ALGRO54NeutralEUR 9.27M-6.27――――
FR:ALMARFR:ALMAR49NeutralEUR 4.01M0.17――-13.12%―
FR:ALTUVFR:ALTUV47NeutralEUR 10.91M82.47――-5.75%-78.66%
FR:ALWTRFR:ALWTR45NeutralEUR 17.23M-11.63――123.19%90.82%

* Industrials Sector Average

Performance Comparison

0%100%200%FR:ALMARFR:MLAATFR:ALTUVFR:ALGROFR:ALUVIFR:ALWTRDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
FR:ALMAR and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
FR:ALMARMare Nostrum SA (FR)0.530.0920.45%
FR:MLAATAzorean-Aquatic Technologies SA0.20-0.10-33.67%
FR:ALTUVBio-UV Group SA0.80-0.80-50.00%
FR:ALGROGrolleau3.260.6223.48%
FR:ALUVIUVGermi SA2.350.2914.08%
FR:ALWTROsmosun0.980.2228.27%

Mare Nostrum SA (FR) Corporate Events

Mare Nostrum Returns to Growth as New HR Model Shows Resilience

Jul 28, 2026

Mare Nostrum reported first-half 2026 revenue of €43.7 million on its new, streamlined perimeter, underscoring the resilience of its HR services model despite a weak French temporary work market. The group’s four core activities – t...

Mare Nostrum Returns to Growth as Refocused HR Model Shows Resilience

Jul 28, 2026

Mare Nostrum reported first-half 2026 revenue of €43.7 million on its new, streamlined scope, highlighting the resilience of its refocused HR services model despite a weak temporary work market. The group’s second-quarter sales rose 15.3%...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 02, 2026